Xpost: Cuba plans big tax breaks to lure foreign investors

[FrodosPet]

http://www.reuters.com/article/2014/03/26/cuba-investment-idUSL1N0MN0TJ20140326

By Marc Frank

(Reuters) - Cuba's communist government has drawn up a new foreign investment law that will cut the profits tax in half and exempt investors from paying it for eight years in an attempt to attract desperately needed capital into the economy.

The National Assembly will meet on Saturday to approve the legislation that Cuba promises will offer investment security to foreigners and help further integrate the Caribbean island in the global economy.

But the proposed law appears to withhold many of the tax benefits from companies that are 100 percent foreign-owned, instead reserving those incentives for joint ventures with the Cuban state and between foreign and Cuban companies.

The proposed law includes a clause that bans expropriations except in cases of public interest previously established by the government, in which case investors would be compensated.

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Is this story a fabrication? I'm not a big follower of personalities as much as I am ideas and ideals - how much is gravy, and how much is grease?

Is it a complete fiction? A misinterpretation? An act of desperation? Is Cuba still holding steadfast to the principals of Marx, Lenin, Fidel, and Che? Or are they finally starting to wake up to the fact that the pursuit of profits is the most reliable way of getting people to put in their maximum effort and interest into doing stuff.